According to Metric's 2023 Vietnam Online Retail Market Overview, the total revenue of 5 e-commerce platforms (including Shopee, Lazada, Tiki, Sendo, and TikTok Shop) reached 233,200 billion VND in 2023, with 2.2 billion product units sold. Compared to the same period in 2022, the revenue increased by 53.4%, which is the strongest growth in the last three years. This result is due to the strong development of new shopping forms in 2023, typically livestream and multi-channel sales, which bring huge revenue to sellers.
However, along with the strong growth is the fierce competition in the market. By 2023, more than 105,000 sellers on 4 platforms: Shopee, Lazada, Tiki, and Sendo. Only TikTok is the e-commerce platform with more than 95,000 new sellers entering the market.
Read more about the e-commerce market in Vietnam here
We can see that the e-commerce market in Vietnam has great potential for every business, but it is not easy to be successful in this market. Here are the 06 tips to optimize to increase sales in the Shopee store, which has the largest market share in Vietnam.
Shopee's sales platform developed a keyword search function so that customers can easily search for products according to their needs. However, each product has many keywords that users use to search, and each keyword represents a different level of customer demand.
Therefore, to optimize search advertising on Shopee, we need to identify keywords with high conversion rates, thereby increasing the shop's sales.Besides Shopee's suggested keywords, we can discover more keywords based on some other tools such as Google Keyword Planner and Ahref's free keyword generator.
After running the ad for 3-5 days, we need to change some elements according to the index so that the ad can work more effectively. Some ideas to optimize are:
There are 3 types of ads on Shopee: Search Ads, Discovery Ads, and Boost Ads, each of which has a different delivery ad and display location.
Based on the results of the ads in 7-14 days, you need to determine the level of effectiveness of each ad type to allocate the budget accordingly.
Details of Shopee Ads: click here
According to research published in the Vietnam Science & Technology Publication Database, price is one of the most important factors influencing users' purchasing decisions on e-commerce platforms. Users always tend to buy products with the most competitive prices, so Shopee regularly organizes attractive promotions to increase traffic to the platform and thereby increase store sales.
Shopee's regular promotions such as 1.1, 2.2, 3.3, 4.4... 12.12 and many Shopee programs subsidize merchants such as extra free shipping offers, discounts below 10%, discounts from 10-80%, flash sales by category or programs specific to Shopee Mall... Shops participating in the Shopee program are often prioritized to be displayed in locations with high conversion rates, combined with attractive promotional prices, which will increase visits to the shop and increase sales.
Therefore, sellers need to pay attention and register to participate in the programs that are suitable for their shop's products.
Shopee Mall is a Shopee store format for sellers who are brand owners or authorized to sell genuine brands on Shopee. Shopee Mall contributed 60% of Shopee's total GMV in May 2023.
The Shopee's priorities for Shopee Mall include:
From the above changes, Shopee Mall creates many advantages compared to regular shops such as:
Seeking more about the Shopee Mall here
Drive traffic with beautiful store décor and detailed product descriptions.
In the first quarter of 2023, Shopee had a total of 211,609 revenue-generating shops (data from metric.vn), accounting for more than 50% of the total number of shops on the top 5 e-commerce platforms in Vietnam. With such a large number of shops, the level of competition on Shopee is very high. Therefore, increasing traffic to the shop is very important to influence sales.
Product images are one of the first elements that attract users' attention. Beautiful images and harmonious colors will encourage users to visit the product detail page better. In addition, detailed product titles and descriptions play a role in convincing customers to buy, providing all the necessary information about the product, and helping customers clearly understand the features, uses, and values that the product offers. Product descriptions should be clear and concise, using language that is easy to understand and accompanied by visual illustrations.
The combination of these two elements will create a professional image, attract potential customers, increase conversions, and effectively increase sales.
Here are some suggestions on how to make your shop images more impressive:
Shopee CPAS ads (Collaborative Performance Advertising Solution) is an advertising solution combined by Shopee and Facebook/Google to help sellers reach potential customers and increase sales more effectively. This type of advertising allows advertisers to target audiences who have visited products on Shopee and distribute Facebook/Google Dynamics Ads.
This form of advertising has many outstanding benefits, including
Read the article below to be able to implement the Shopee CPAS ads: click here
We are a team of e-commerce consultants with marketing and technology expertise for the fast-growing Vietnamese market.
We are an agency with strengths in upstream consulting and comprehensive one-stop support for e-commerce site production, marketplace management, and advertising operations. We understand the dynamics of platforms like Shopee, Lazada, Shopify, and more.
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Feedforce Vietnam was established in Ho Chi Minh City in November 2021. With a team of experienced human resources, we are committed to accompanying your business with a comprehensive service, from consulting to deployment and campaign effectiveness measurement.
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